Claira’s specialized AI solutions for financial contracts significantly reduce the time spent analyzing documents and allow trade and finance professionals to make better decisions faster.
NEW YORK AND LONDON, June 29, 2022— (BUSINESS WIRE) – Claira LLC (www.claira.io), fintech intelligence documents, today announced that the company has received a strategic investment from Citi Spread Products Investment Technologies (SPRINT), the strategic investment division of Global Spread. Bank Product Section.
The new capital will support Claira’s product development and marketing strategy to accelerate the digital transformation by adopting the company’s artificial intelligence technology to transform the document analysis process for finance and trade professionals.
“We are excited about Claira and the new document intelligence solutions the team offers on the market. CLO professionals can spend more than 20 minutes analyzing a structured loan document. With Claira technology, the document analysis process is significantly reduced, with only minutes being the time required to extract the relevant sections, perform an initial analysis and interpret the results to provide practical insights into pricing, ”said Vitaly Kozak, Global co-head of secondary CLO, ABS and CDO trading at Citi.
Citi will work with Claira to rediscover document intelligence and develop next-generation data analysis solutions to support its business, starting with municipal prospectuses and secured loan obligations (CLOs).
“The analysis of Claira’s AI credit documents is very suitable for the $ 4 trillion municipal bond market, which includes more than 50,000 issuers and more than one million unique securities. Their use of specialized AI and pre-trained models far outweighs legacy natural language processing solutions, making Claira change the game that is ready to transform our market, ”said Patrick Brett, Managing Director, Head of Municipal Debt Capital Markets and Capital Solutions in Citi.
Claira uses its own natural language comprehension (NLU) technology to unlock critical data embedded in financial agreements and provides data in a standardized format that is easily usable for pricing, trading, risk and operational processes. Claira’s solution allows financial professionals to decipher the language of legal contracts faster and more accurately so that they can negotiate complex agreements quickly, reduce business risk and identify market opportunities more quickly.
“Financial institutions are aware of the importance of accurately capturing and evaluating clauses, terms and conditions and other conditions for transactions in their business, but most available instruments are currently unable to decipher complex financial transactions,” said Eric Chang, co-founder of Claira. “Claira has been incubated at Exos Financial and we are now excited to work with Citi SPRINT to provide next-generation intelligence on documents and help create huge time efficiency for their industry-leading product distribution business.”
Unlike the prevailing natural language processing (NLP) approaches, which are based on matching models or black box models that require a large amount of training, Claira’s NLU solution models all attributes and relationships in and between financial documents as a logical map using deep semantic analysis of levels of words and sentences. The analytical modules are built on the map for extracting information and interpreting the results. With this innovative approach, Claira provides a higher level of interpretation and greater accuracy with minimal labeled training data. This advantage allows the platform to be flexible and provide a scalable, scalable and transparent solution for various document analysis tasks.
Launched in 2019 as a separate product from Exos Financial’s technology and risk division (www.exosfinancial.com), Claira aims to help transform business processes from analog to digital. “Claira solves customer problems that are not addressed by the current generation of artificial intelligence products for documents,” said Joseph Skerry, co-founder of Exos and CEO and technical advisor to Claira. “At Exos, we tested over a dozen legal AI products and found that none were able to provide the deep insights needed for our business. All were based on similar NLP models and required significant training to achieve the required accuracy. Claira’s unique approach to documenting technology understanding allows us to capture complex data and insights right out of the box, giving us a significant competitive advantage. “
Claira LLC (www.claira.io) is a leading next-generation document intelligence technology company specializing in the understanding of legal contracts. Created with the help of advanced data science to reveal the basic logic captured in financial contracts, Claira is pre-trained to understand legal language – providing faster, deeper and more effective results with full transparency and traceability in making financial statements. solutions. No document training, setup or installation is required. Claira can be accessed from any web browser or installed on-site in the customer’s data center.
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Citi, the world’s leading bank, has approximately 200 million customer accounts and operates in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a wide range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
Source Claira LLC
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Jeanne Jurman, Archie Group for Claira LLC
e: [email protected]
Patricia Tuma, Citi
d: [email protected]
Rekha Jogia-Soni, City
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